Cramer's 'Mad Money' Recap: Next Week's Game Plan

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"If the Federal Reserve cuts interest rates next week, this market will be ready to roar," Jim Cramer told viewers of his "Mad Money" TV show Friday. "If not, be prepared for more of the same."

Cramer hopes for at least a 50-basis point rate cut at the Federal Open Market Committee meeting on Tuesday, but he says it's difficult to figure out what the Fed will do. "You just can't count on this Fed."

Despite falling oil and commodity prices, weakness in the dollar and gold, and rising unemployment, Cramer said the Fed still seems to be worried about inflation. "The signs of deflation are all around us; inaction isn't going to cut it," he added.

Banking and financial institutions have been hit again, said Cramer, now that the government has all but wiped out the preferred shares of Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote).

The preferred shares of the two mortgage giants, he noted, are the vehicle many institutions use to raise capital. If investors now think the added protection preferred shares usually offer is gone, no one will but them.

Cramer said if the Fed does cut rates on Tuesday, he'd be a buyer of his "Fortress 4" banks, including US Bancorp (USB Quote), Wells Fargo (WFC Quote), Bank of America (BAC Quote) and JP Morgan Chase (JPM Quote), a stock which he owns for his charitable trust Action Alerts PLUS.

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